New funding for worldâ€™s biggest tidal turbine

Posted on 24 December 2015

An Orkney-based company has been successful in securing a further Å5.7 million from investors to allow it to deploy and demonstrate the world’s largest tidal turbine.

Scotrenewables Tidal Power Ltd (SRTP) is at the forefront of the floating tidal turbine sector and is currently nearing the completion of the build of its SR2000 2 megawatt (MW) system at the Harland & Wolff shipyard in Belfast.

The first large scale machine the company has built, it is due to be launched early next year before being towed to the European Marine Energy Centre in Orkney to begin grid-connected testing.

The company’s existing shareholders (ABB, Scottish Government’s Renewable Energy Investment Fund (REIF), Total New Energies, Bonheur ASA & Ganger Rolf ASA) were joined by new shareholders DP Energy, Harland & Wolff and Scotmarine to provide the investment to take the SR2000 programme through the next operational phase.

“The £2.65 million investment from our Renewable Energy Investment Fund is part of a £5.7 million funding round, which will allow this dynamic company to complete construction of the world’s largest tidal turbine – and to launch it at the European Marine Energy Centre in Orkney next year.”

He added: “Scotland is a world leader in marine energy technologies and is committed to supporting ambitious projects like these that help us capitalise on our green energy potential.

“I was pleased to see that the company has attracted a brand new investor and I know that DP Energy will bring valuable skills and expertise to the project.”

Andrew Smith, head of REIF, which is administered by Scottish Enterprise, said: “We believe Scotrenewables has a significant role to play in securing a leading place for Scotland in the world market for ocean energy, and it’s great to see the company making such positive progress towards the development of its SR2000 device.”

Andrew Scott, the company’s recently appointed chief executive officer, said: “This new investment is great news for the SR2000 programme and the team at SRTP who have put such a tremendous amount of work into this exciting technology.

“We look forward to getting this unit in the water next year and demonstrating the step-change advantages we are confident that our floating approach to tidal energy can offer the commercial sector.”